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"I can't speak for them, of course, but I believe that most economists would accept the view that, while you sometimes can make a score by sheer luck, you can't do it constantly, unless you're willing to put the resources in."
Luck,
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"I felt really sorry for Oliver Kahn. Up to that point he had made lots of saves for the German team. Of course he could have caught the ball but it just happened. It was bad luck. In that situation, you need to be very strong psychologically to carry on."
Luck,

"A broken mirror is good luck if you want it to be."

"Why is it no one sent me yet one perfect limousine, do you suppose? Ah no, it's always just my luck to get one perfect rose."

"Maybe good luck was like bad luck in that it took a while to sink in."
Explore more quotes by Merton Miller


"Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices."


"Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer."


"But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago."


"As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports."


"What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions."


"I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn't see any."
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